A loan officer assists borrowers throughout the loan application process, coordinating between the borrower and financial institutions to ensure the information provided supports the approval of the loan application.
The Truth in Lending Act (TILA) is a federal law designed to promote the informed use of consumer credit by requiring disclosures about its terms and cost. Implemented by Regulation Z, it aims to standardize and safeguard credit transactions, ensuring consumers are aware of and understand key aspects of the financial agreements they enter.
